Two farmers raise barley. The farms are identical in every respect except farmer Anne bought her tractor for $500,000 and farmer Betty rents her tractor for $50,000. Farmer Anne could rent her tractor out for $50,000 if she chose not to farm with it. If Anne sold the tractor and purchased bonds she would earn $25,000 a year from interest. Which farmer has lower costs? A. Farmer Anne B. Farmer Betty C. Neither, the costs are identical

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Explicit and Implicit Cost Analysis

The entire idea of the cost of production or production cost is applied corresponding or we can say that it is related to money cost. Money cost refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factors of production or factor services.